Thermal #coal setup seems supportive for now - a thread 1/
Indian coal generation is up nicely you and underlying industrial activity suggests that will continue as 2H progresses 
India coal stockpiles are nose diving at the same time - implying a decent bout of restocking lies ahead post monsoon
At the same - to no surprise China finds itself in a precarious inventory situation - Top 6 Plants Days of Burn
And lastly - while Vietnamese import demand has come off ytd - other SE Asian cohorts are softening the blow
So with demand set to stabilize - at worse - but more likely pickup in earnest as 2H progresses - let’s check on supply
Newcastle exports being nicely ‘matched’ to demand
… while Colombia and South Africa will likely continue to remain under pressure (although we could get a little bump in 2H acc to $GLEN guide)
On watch is Indonesia - while this series doesn’t capture exports in totality - it’s directionally useful and as you can see - things are picking up. But that’s ok for now bc the mkt is ‘calling’ on those tons
Minimal supply side upside surprises + restocking demand implies the thermal coal strength we’ve seen Ytd continues #CoalTwitter
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